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Finance Minister Boima Kamara Unveils Blueprint for a Vibrant Liberian Economy Focused on Domestic Production and Private Sector Empowerment

BSKamara

Monrovia, Liberia - In an ambitious move to reinvigorate Liberia's economy, the Finance Minister Honorable Boima Kamara has told the Liberian Senate about a comprehensive strategy aimed at fostering a robust economic environment through the promotion of 'Made in Liberia' initiatives.

The plan, according to Hon. Kamara is set to shift the tide from a government-centric employment model to a dynamic private sector-led growth and development paradigm.

Under the stewardship of Boima Kamara, the Liberian government is championing a vision that will see the transformation of the country's economic landscape. The strategy entails incentivizing domestic production and bolstering the private sector to become the primary driver of employment and economic development in Liberia.

"Liberia is poised for a new era of economic transformation. Our focus on 'Made in Liberia' products will not only celebrate and elevate our local industries but will also create sustainable job opportunities for our citizens. The government's role is to create an enabling environment that will allow the private sector to flourish," stated Honorable Kamara during his confirmation hearing on Wednesday, January 31st at the Liberian Senate.

Hon. Kamara also said: “We are at a time where we have to move from the government being the largest employer and look towards the private sector as the area of large employment.”

He told the Senate that ensuring value addition to local products, the country can be able to export its products to other countries in the African region and beyond.

 Hon. Kamara having a career that spanned over 22 years, disclosed at the hearing that he will bring a new dimension of “where we are to where we were” before through experience. He revealed that his senior management team at the Ministry of Finance and Development Planning will work with partners from the international community who are interested in the growth and expansion of the Liberian economy.

He noted that more emphasis will be placed on agriculture, roads, education as part of the government’s ARREST agenda.

The plan Hon. Kamara added will mark a significant change from the status quo, where the government has traditionally been the largest employer in the country. By reorienting towards a private sector-led economy.

The finance minister designate also said that the Liberian government aims to unlock the potential of its entrepreneurial citizens and natural resources, adding that the 'Made in Liberia' is not only an economic imperative but also a source of national pride.

However, through value addition to the country’s products, the government plans to assist businesses in breaking into the international markets by promoting Liberian goods on a global scale. Local manufacturing will be encouraged as it align with the “Made in Liberia” national development agenda as businesses will have the opportunity to operate efficiently and effectively across the country.

Financial reforms is also expected to be introduced in terms of “Access to Capital” aimed at improving access to credit for small and medium-sized enterprises (SMEs), for innovation and expansion.

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